There are 12 common tax problems to avoid in order to succeed in your business. These issues also overlap to individual taxpayers as well. Here are specific steps you should take to help ease the struggle. These are 12 of the most common tax issues that people report each year.
Archives for November 2018
Don’t Get Sick Over Medical Insurance and Taxes
The Affordable Care Act (ACA) put significant penalties on taxpayers and their families who do not have ACA-compliant health insurance. Even though the tax reform took out these penalties after 2018, they still apply for this year. And, they can be as high as the greater of $2,085 or 2.5% of the family’s household income. So, all taxpayers must carry medical insurance. Unfortunately, it is one of your largest expenses. While the penalty will go away in 2019, you must understand how to handle the health insurance expense for tax purposes. This is so you can get the most tax benefits possible.
Year-End Tax Planning is Not Business as Usual; Things You Need to Know # 2
With Tax Reform in 2018, there are significant changes for both individuals and businesses. If you remember, we told you about how the IRS has to create or revise approximately 450 forms, publications and instructions. Also, the IRS has to modify around 140 information technology systems to make sure it can accommodate the new tax forms. This will include writing tax regulations for all of these changes – a daunting task for sure. The following are issues that could affect your or you personally. So you may need to plan for these tax changes.
Year-End Tax Planning Is Not Business as Usual; Things You Need to Know #1
There are some major changes for year-end tax planning for 2018. This has been a tumultuous year for taxes. Tax reform takes affect this year, 2018, and it has significant changes for both individuals and businesses. This is the first major tax reform legislation in more than 30 years. To implement it, the IRS has to create or revise approximately 450 forms, publications and instructions. Also, the IRS has to modify around 140 information technology systems to make sure it can accommodate the new tax forms. This will include writing tax regulations for all of these changes – a daunting task for sure. The following are issues that could affect your or you personally. So you may need to plan for these tax changes.
